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Shares of Metaplanet, a Japanese publicly traded company known for adopting Bitcoin as its primary reserve asset, rose 14% after the company announced it had completed a ¥1 billion acquisition of Bitcoin (BTC), data from Yahoo Finance showed.

According to a statement from Metaplanet CEO Simon Gerovich, the company purchased 57,273 BTC on August 20, worth ¥500 million (approximately $3.4 million). The new purchase brings Metaplanet’s holdings to 360,368 BTC.

The acquisition is part of Metaplanet’s strategy to expand its BTC reserves with the help of a ¥1 billion loan from MMXX Ventures. The move comes after a ¥500 million purchase last week.

“As disclosed in our announcement on August 8, 2024, regarding the loan and purchase of Bitcoins worth 1 billion yen, we hereby announce that we have purchased an additional 500 million yen worth of Bitcoins, as below. With this purchase, we have completed the purchase of 1 billion yen worth of Bitcoins,” the statement said.

Metaplanet was originally engaged in hotel development and operation, but has diversified its activities and now also offers advisory services in the areas of Bitcoin adoption, real estate development and investments.

The company, which is listed on the Tokyo Stock Exchange under ticker 3350, has seen its stock price soar since the company announced it would focus on Bitcoin as its primary treasury reserve asset in response to Japan’s economic challenges, including high government debt and persistently negative real interest rates.

Metaplanet’s move to Bitcoin appears to be paying off. At the Bitcoin Conference in Nashville last month, Gerovich said his company began exhibiting characteristics associated with zombie companies before shifting its strategy to Bitcoin.

The strategy has changed the company’s outlook, with Gerovich stating that it ultimately “realized that Bitcoin is the most important monetary asset” and would be a “great” element of Metaplanet’s treasury.

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